Transocean Inc. Prices Tender Offer for Its 6.625% Notes Due 2011

July 21, 2005

HOUSTON--(BUSINESS WIRE)--July 21, 2005--Transocean Inc.
(NYSE:RIG) announced that it has priced today its tender offer for any
and all of its outstanding 6.625% Notes due April 15, 2011.

Under the terms of the offer and assuming a settlement date of
July 22, 2005, Transocean will pay $1,105.78 plus accrued interest of
$17.85 (for a total of $1,123.63) for each $1,000 principal amount of
Notes purchased in the offer. This price was determined by reference
to a fixed spread of 40 basis points or 0.40% over the yield to
maturity based on the bid side price of the U.S. Treasury 5% Bond due
February 15, 2011 as measured today at 2:00 P.M., New York City time.

The offer is scheduled to expire today at 5:00 P.M., New York City
time, unless the offer is extended or earlier terminated. Transocean
will pay for tendered Notes in same-day funds promptly following the
expiration of the offer. It is expected that payment will be made on
July 22, 2005. Transocean intends to use existing cash balances on
hand to pay for all such Notes purchased pursuant to the offer.

Credit Suisse First Boston LLC has been acting as Dealer Manager
for the offer. The Information Agent is Global Bondholder Services
Corporation, and the Depositary is The Bank of New York. Persons with
questions regarding the offer should contact the Dealer Manager
toll-free at 800-820-1653 or collect at 212-538-0652 or the
Information Agent at 212-430-3774 or 866-470-3700.

This news release is neither an offer to purchase nor a
solicitation of an offer to sell the Notes. The offer is made only by
the Offer to Purchase dated July 14, 2005.

Transocean Inc. is the world's largest offshore drilling
contractor with a fleet of 92 mobile offshore drilling units. The
company's mobile offshore drilling fleet, consisting of a large number
of high-specification deepwater and harsh environment drilling units,
is considered one of the most modern and versatile in the world due to
its emphasis on technically demanding segments of the offshore
drilling business. The company's fleet consists of 32
High-Specification Floaters (semisubmersibles and drillships), 24
Other Floaters, 25 Jackup Rigs and other assets utilized in the
support of offshore drilling activities worldwide. With a current
equity market capitalization in excess of $17 billion, Transocean
Inc.'s ordinary shares are traded on the New York Stock Exchange under
the symbol "RIG."